Florida Senate - 2013                             CS for SB 1020
       
       
       
       By the Committee on Banking and Insurance; and Senator Hays
       
       
       
       
       597-04475-13                                          20131020c1
    1                        A bill to be entitled                      
    2         An act relating to banking; amending s. 655.005, F.S.;
    3         revising the definition for “related interest”;
    4         amending s. 655.85, F.S.; clarifying that an
    5         institution may impose a fee for the settlement of a
    6         check under certain circumstances; providing
    7         legislative intent; providing an effective date.
    8  
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Paragraph (t) of subsection (1) of section
   12  655.005, Florida Statutes, is amended to read:
   13         655.005 Definitions.—
   14         (1) As used in the financial institutions codes, unless the
   15  context otherwise requires, the term:
   16         (t) “Related interest” means, with respect to any person,
   17  the person’s spouse, partner, sibling, parent, child, or other
   18  individual residing in the same household as the person. With
   19  respect to any person, the term means a company, partnership,
   20  corporation, or other business organization controlled by the
   21  person. A person has control if the person:
   22         1. Owns, controls, or has the power to vote 25 percent or
   23  more of any class of voting securities of the organization;
   24         2. Controls in any manner the election of a majority of the
   25  directors of the organization; or
   26         3. Has the power to exercise a controlling influence over
   27  the management or policies of the organization.
   28         Section 2. Section 655.85, Florida Statutes, is amended to
   29  read:
   30         655.85 Settlement of checks.—Whenever a any check is
   31  forwarded or presented to a financial an institution for
   32  payment, except when presented by the payee in person, the
   33  paying institution or remitting institution shall settle the
   34  amount of the check at par and may pay or remit the same, at its
   35  option, either in money or in exchange drawn on its reserve
   36  agent or agents in the City of New York or in any reserve city
   37  within the Sixth Federal Reserve District; however, an
   38  institution may not settle any check drawn on it otherwise than
   39  at par. The term “at par” applies only to the settlement of
   40  checks between collecting and paying or remitting institutions
   41  and does not apply to, or prohibit an institution from,
   42  deducting from the face amount of the check drawn on it a fee
   43  for paying the check if the check is presented to the
   44  institution by the payee in person. The provisions of this
   45  section do not apply with respect to the settlement of a check
   46  sent to such institution as a special collection item.
   47         Section 3. It is the Legislature’s intent that the
   48  amendment to s. 655.85, Florida Statutes, made by this act
   49  clarify the relevant portions of the financial institutions
   50  codes as defined in s. 655.005, Florida Statutes, relating to
   51  fees imposed by a financial institution for the payment of
   52  checks presented in person without requiring further amendment.
   53         Section 4. This act shall take effect July 1, 2013.